Citi maintained a Buy rating on TENCENT due to the strong performance of its AI agent product WorkBuddy, which has achieved 20 million cross-platform monthly active users (MAUs) and over 13 million daily active users (DAUs) shortly after launch. The high DAU/MAU ratio indicates strong user engagement and retention. TENCENT's management noted that they have surpassed Chinese competitors in AI agent deployment, and as adoption rates increase, revenue from token-related services is expected to grow significantly by 2026.
